Kospi falls as chip, tech stocks struggle

Finance

Published: 18 Jul. 2024, 10:07

Kospi falls as chip, tech stocks struggle

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Wednesday. [YONHAP]

Shares opened lower Thursday as most blue chips retreated following weak overnight trading on Wall Street.

The Kospi fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading.

Overnight, Wall Street underwent stagnant trading over concerns of potentially worsening trade tensions between the United States and China, with chip shares taking heavy beatings. The S&P 500 and Nasdaq composite dropped 1.3 percent and 2.6 percent, respectively, but the Dow Jones Industrial Average rose 0.6 percent.

The Seoul stock market lost ground overall, led by chip and tech share losses. Samsung Electronics and SK hynix fell 1.61 percent and 3.17 percent, respectively. LG Electronics also slid 0.89 percent.

Steel and automotive shares also retreated. Posco Holdings fell 0.68 percent, and automakers Hyundai Motor and Kia fell 1.3 percent and 0.91 percent, respectively.

On the contrary, shipbuilders extended their gains from the past few sessions. HD Hyundai Heavy Industries and Samsung Heavy Industries climbed 0.88 percent and 2.47 percent, respectively.

The local currency was trading at 1,377.7 won against the dollar at 9:15 a.m., down 3.8 won from the previous session's close.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]